Speech #990086896

Rather. we are suggesting that the current price support program is at a level that does not benefit consumers. our Latin American and Caribbean neighbors. and threatens thousands of U.S. jobs in related industries. In addition. a program which was not supposed to affect adversely the Federal budget is beginning to cost the taxpayer millions of dollars. In order to ensure that the sugar program would not result in forfeited loans. the administration devised a quota system that would support the comparatively high price of sugar in the American domestic market. Historically. the United States imported 50 percent of its sugar requirements. As late as 197880. the United States imported 46 percent of its needs.